Sensex nosedives 600 points Here are 3 reasons behind the heaviest fall

first_imgBombay Stock ExchangeINDRANIL MUKHERJEE/AFP/Getty ImagesDisappointment over the Budget proposals and muted global markets led the Sensex to log the heaviest fall in seven months on Monday. Both the key equity indices — Sensex and Nifty — fell over 2 per cent. The shares of Hero MotoCorp, Bajaj Finance, ONGC, State Bank of India and Larsen and Toubro saw a major dip. The 30-scrip Sensex closed 792.82 points or 2.01 per cent lower at 38,720.57 and the broader Nifty50 declined by 252.55 points or 2.14 per cent to 11,558.60. The Bombay Stock Exchange in Mumbai on Feb 29, 2016 (representational image).IANSAmong the Nifty50 benchmarks, Nifty PSU Bank saw the maximum fall of about five per cent, whereas Nifty Bank, Nifty Auto, Nifty Fin Service and Nifty Realty indexes were trading red with a fall of two per cent.The global market saw the S&P BSE MidCap trading at around 14450 levels with a deep cut of 266 points whereas the S&P BSE SmallCap was trading at 13,803 levels with a nose dip of 338 points.Here are the reasons behind the sudden market downfall:Post-Budget Trauma Red Budget by Nirmala SitharamanThe proposals by the Modi government in the Budget 2019 have annoyed the investors. The increase in the minimum public shareholding of listed companies from 25 per cent to 35 per cent has created a revolt within the companies and direct investors. Other proposals like taxation of 20 per cent on buybacks have raised concerns about the repurchasing value of the stake of major companies. As per an Economic Times report, the proposal of the income tax hike on high net worth individuals will affect 2,000 global funds.US jobs dataThe US saw the ugliest slowdown in their job hiring in May, as per a Reuters report. The sudden slowdown has resulted in dashing the hopes of rate cuts by the US Fed. The largest employers could only employ about 2,24,000 people last month.The rupee and crude oil competitionThe US job data pulled down the oil markets, the value of rupee and other market currencies against the US dollar. The value of rupee to dollar fell by 21 paise to 68.63.last_img read more

Road accident kills 5 in Indias Telangana

first_imgFive people including a groom were killed and three others seriously injured on Friday when the vehicle they were travelling in hit a tree in Telangana’s Khanam district, police said.The accident took place when the wedding party was en route to the groom’s home in Warangal district from the bride’s residence in Tadepalligudem, Andhra Pradesh.As the car reached Pallipadu, the driver reportedly dozed off and lost control over the steering. The car rammed then into the tree, the police said.The injured included the bride.last_img

Rescuers search for 8 climbers missing on Indian peak

first_imgThis file photo taken on 13 November 2015, shows a general view of the Himalayas from the hill-station of Kausani in the northern Indian state of Uttarakhand. Scores of emergency workers were battling bad weather Saturday to locate eight climbers missing on India`s second highest mountain, an official said. Photo: AFPScores of emergency workers were battling bad weather Saturday to locate eight climbers missing on India’s second highest mountain, an official said.Four Britons, two Americans, an Australian and an Indian were set to climb the 7,826-metre (25,643-foot) Nanda Devi East peak — near the border with China — and return to the base camp last weekend.But the group, led by British climber Martin Moran, who has successfully climbed the world’s 23rd highest peak several times in the past, failed to report back to the Munsiyari base camp after starting the ascent on 13 May.”We have activated resources to trace the climbers after they failed to return to the base camp, but bad weather is hindering the operation,” Vijay Kumar Jogdande, a magistrate in Pithoragarh district — where the peak is located — told AFP.A porter stationed at the base camp in the northern Himalayan state of Uttarakhand said the climbers failed to return on 26 May, prompting the search.Jogdande said heavy rains and snowfall in the region had lasted a week and hampered aerial surveillance.Teams are trekking to the base camp to trace the missing climbers and there was little information about their plans, he added.He said investigators were verifying a May 22 Facebook post by Moran, in which he hinted the group may scale a never-before-climbed peak in the trans-Himalayan region.Hundreds of climbers from across the world visit India to scale mountains located across the Himalayan belt.India has 10 peaks above 7,000-metres, including Kangchenjunga — the world’s third highest — sandwiched between India and Nepal.Four Indians were among 11 climbers that died climbing Mount Everest in the latest season that ended this week.last_img

Baltimore Public Schools Budget Fight Looms

first_imgBy Deborah Bailey, Special to the AFROThe battle for Baltimore City Public Schools System (BCPSS) is expected to heat up as the 2018-2019 FY budgeting process enters its final phase.  Sonja Santelises, City Schools CEO, will present the estimated 1.3 billion operating budget to the School Board April 24, followed by a series of city-wide information meetings about next year’s budget starting April 25.Parents and education advocates have increasingly expressed concern over a lack of systematic parent and community involvement in procedural and policy-making processes of the City’s public schools this year.Despite concerns expressed by parent and community advocates, the BCPSS board voted to change the city’s fair student funding formula earlier this year. The Board voted to change dollar allocations to traditional public schools based on poverty levels rather than standardized test-scores.School officials said the school funding formula was revised to allot more money to high-poverty schools, but education advocates expressed concern that changes were being pushed through without the community having a voice in how the funding would be used.“Why not wait until we get more input from parents on how to best allocate those new resources?” said Marietta English, Baltimore Teachers Union President.“Why not take more time to look at all of the revenues that contribute to what could, and should, be a well-rounded Fair Student Funding Model,” English asked school board members.For months Khalilah Harris, a BCPSS parent, community advocate and founding co-chair of the Coalition of Black Leaders in Education, has also expressed concern over BPCSS’ lack of process to involve parents and community advocates.“The Coalition of Black Leaders in Education will be monitoring Baltimore City School System’s community engagement process for building a budget that supports high levels of family and community engagement and expands access to opportunity by addressing racial inequity,” Harris said regarding the group’s involvement in this year’s budget process.School officials have conceded that until the Kirwan Commission changes the state funding formula for public schools, Baltimore City Schools still are not operating with enough money.  The State appointed Kirwan Commission provided preliminary guidance for critical changes needed in K-12 education to make Maryland’s education system nationally competitive earlier this year.The Commission deferred specific fiscal recommendations until late 2018. Public policy analysts have offered that the Commission sought to ensure their fiscal recommendations were not politicized in the 2018 state election cycle. The Kirwan Commission is expected to recommend substantive expansion of the current state K-12 education funding formula. Some estimates have indicated that Maryland needs to spend at least $2.9 billion more each year on K-12 education for all students to have access to a high-quality education, with much of that figure coming from the State.The upcoming BCPSS community-budget meetings will include an overview of how BCPSS plans to allocate funding for student transportation, special education services, administrative services and other district-wide expenses.BCPSS School Board will vote on the final 2018-2019 budget at its May 8 meeting. Community budget meeting dates/locations are as follows:April 25Bentalou Recreation Center222 N. Bentalou StreetBaltimore 21223April 26The Y in Waverly900 E. 33rd StreetBaltimore 21218April 30Highlandtown Elementary/Middle School #237231 S. Eaton StreetBaltimore 21224May 1Board Forum at City Schools’ District Office200 E. North AvenueBaltimore 21202May 2Liberty Recreation Center3901 Maine AvenueBaltimore 21207May 3Arundel Elementary/Middle School2400 Round RoadBaltimore 21225last_img read more